Fresh Budget Fights Brewing

The completion of a tax deal between the White House and Congress sent stocks soaring Wednesday, but the sense of relief belied the fact that more tax-and-spending brinkmanship is expected as soon as February.

The Dow Jones Industrial Average shot up 308.41 points, or 2.35%, to close at 13412.55—its best day in more than a year—on top of Monday's preholiday gain of 1.3%.